Item 4. Controls and Procedures
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and
Procedures
The Company’s
management conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as such term
is defined in Rule 13a-15(e) and Rule 15d-15(e) under the 1934 Act) pursuant to Rule 13a-15 under the 1934 Act. The Company’s
disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports it files or
submits under the 1934 Act is recorded, processed, summarized and reported on a timely basis and that such information is communicated
to management and the Company’s board of directors to allow timely decisions regarding required disclosure.
Based
on this evaluation, it has been concluded that the design and operation of our disclosure controls and procedures are not effective
since the following material weaknesses exist:
·
We were unable to maintain full segregation of duties within our financial operations due to our reliance on limited personnel in the finance function. While this control deficiency did not result in any material adjustments to our financial statements, it could have resulted in a material misstatement that might have been prevented or detected by a segregation of duties.
·
Documentation of all proper accounting procedures is not yet complete.
To the extent
reasonably possible given our limited resources, as financial resources become available we intend to take measures to cure the
aforementioned weaknesses, including, but not limited to, the following:
·
Increasing the capacity of our qualified financial personnel to ensure that accounting policies and procedures are consistent across the organization and that we have adequate control over financial statement disclosures.
Changes in Internal Control over Financial
Reporting
There were
no changes in our internal control over financial reporting that occurred during the last fiscal quarter that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
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Table of Contents
PART II - OTHER INFORMATION
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.